Property tax, usually local, is a tax imposed on the market value of a property. Learn more here about property tax requirements, write offs, and other situations involving property tax in the articles, columns, blog posts, radio shows and videos.
Unpaid Real Estate Taxes
If you don't pay the real estate taxes on your home, you could lose it to a tax purchaser. While the nightmare situation can be avoided, it still happens to lots of people. Here is what you need to know about losing your property because of unpaid real estate taxes.
Unpaid Real Estate Taxes
Buying a home? What happens when you buy a home with unpaid real estate taxes? What risk do unpaid real estate taxes pose to your home purchase? How often do buyers come to closing with unpaid real estate taxes? Chicago Title's Gina Giannelli talks about unpaid real estate and property taxes.
How Do Tax Sale Properties Work
How can someone buy properties through tax sales? If a homeowner has failed to pay real estate taxes that may be due on his or her property, the local jurisdiction that collects the taxes has the right to sell off the property for the amount of unpaid taxes. Generally, there is a time period by which the homeowner can come up with the money to pay the tax bill even after the property has been "sold" for unpaid taxes.
What To Expect From the IRS With A Property Lien
A husband quit claimed property to his wife 17 years ago and she is now wondering if the IRS can put a lien on the home for his unpaid income taxes. The IRS can probably put a lien on the home but cannot go after it. The quit claim should protect the home from a lien from the IRS.
Property Taxes On Inheritance
Property taxes can be calculated for the current year or in arrears. Inherited property usually owes property taxes based on the date the new owner receives the deed to the property.
Wait To Transfer Property Through Inheritance
It is probably better to transfer property through inheritance, rather than gifting or quit claiming the property. With inheritance, the property will be transferred at the market value of the day of the land, and both parties will avoid a big tax bill.
Timeshare Inheritance: Pay Property Taxes
When you get a timeshare inheritance you're responsible for property taxes and maintenance as if it were real property. Even if you don't want the timeshare, you're responsible for property taxes and maintenance until you can sell the timeshare. To determine what to do with the timeshare you may want to contact a real estate attorney.
Pay Tax Bill On Home For Sale
A homeowner has his home on the market and has a property tax bill due next month. The homeowner is obligated to pay his property tax bill on time. During the closing a "proration" of taxes can be negotiated. The seller will pay for the percentage of the year you lived in your house. The buyer will pay for the percentage of the year he will have lived in the house.
Property Tax Exceed Owner’s Payment Ability
What can you do if you're working as hard as you can and paying property taxes is still a stretch? You should see if you're eligible for any property tax exemptions offered by your local municipality. If you can't find a way to lower your property taxes, you may have to reassess your lifestyle.
Survey Dispute May Be Solved With Property Taxes
A new survey revealed a lot line closer to the neighbor's home, giving the homeowner an extra 10 feet. The neighbors claim that the survey is incorrect, and they own the 10 feet. The homeowner should stake the boundaries of their lot, and investigate the tax parcel to determine if it matches the survey. It might come down to who has been paying the taxes for the extra 10 feet.